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HomeNewsFinancial/Policy NewsHeidelbergCement India's net profit dips 62.64% in Q4 FY23

HeidelbergCement India’s net profit dips 62.64% in Q4 FY23

The board of directors of HeidelbergCement India have appointed Joydeep Mukherjee as the new managing director with effect from April 1, 2023.

HeidelbergCement India has reported a dip of 62.64 per cent in its net profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 34.97 crore in Q4 FY23 as against Rs 93.61 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net total income stood at Rs 615.51 crore in Q4 FY23, a dip of 2.68 per cent from Rs 632.44 crore it recorded in the similar quarter last year.

The board of directors recommended dividend of Rs 7 per equity share of Rs 10 each (70%) for the financial year ended 31 March 2023.

Jamshed Naval Cooper resigned from the position of managing director (MD) with effect from March 31, 2023 and the board of directors have appointed Joydeep Mukherjee as the new MD with effect from April 1, 2023, it said in the regulatory filing.

On a per tonne basis, total operating cost including freight increased by c. 11 per cent year-on-year mainly due to higher input, transporaion and other costs. The alternate fuel consumption increased to c. 8 per cent during Q4 FY23.

During FY23, the company sold volume of c. 4.4 million tonnes, decrease of c. 8 per cent year-on-year while cement capacity utilization decreased from c. 76 per cent in FY22 to c. 69 per cent in FY23. The company’s green power share increased from c. 24% in FY22 to c. 32% in FY23.

The company has repaid its first tranche of interest-free loan of Rs 336 million taken from The Pradeshiya Industrial and Investment Corporation of U.P.

As at March 31, 2023, the cash & bank balance stood at Rs 4,729 million as against interest-free borrowings of Rs 2,010 million.

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